SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): 11/25/97
CWMBS, INC.
(Depositor)
(Issuer in respect of Mortgage Pass Through Certificates, Series 97-E)
(Exact name of registrant as specified in charter)
Delaware 33-63714 95-4449516
(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
organization)
155 N. Lake Avenue, Pasadena, CA 911009-7137
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (818)-304-4428
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. Other Events
CWMBS, INC.
Mortgage Pass Through Certificates
Series 97-E
On November 25 1997, The Bank of New York, as Trustee for CWMBS, Inc. Mortgage
Pass Through Certificates Series 1997-E, made a monthly distribution to
Certificateholders of principal and/or interest pursuant to the Pooling and
Servicing Agreement, dated as of May 1, 1997, among CWMBS, Inc. as Depositor,
Independent National Mortgage Corporation, Seller and Master Servicer and The
Bank of New York, as Trustee.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
99 Report to Holders of CWMBS, Inc., Mortgage Pass Through Certificates Series
1997-E relating to the distribution date of November 25, 1997 prepared by
The Bank of New York, as Trustee under the Pooling and Servicing Agreement
dated as of May 1, 1997.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized. Dated: November 25, 1997
CSMBS, INC.
By: /s/ Kelly A Sheahan
Name: Kelly A. Sheahan
Assistant Treasurer
The Bank of New York,
as Trustee
Payment Date: 11/25/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-E
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-5
-------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- -----------------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Principal Interest
Type Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Losses Shortfalls
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior 2515 A-1 20,341,625.35 7.125000% 2,237,850.28 120,778.40 2,358,628.68 0.00 0.00
2516 A-2 23,886,667.00 7.125000% 0.00 141,827.09 141,827.09 0.00 0.00
2517 A-3 57,411,078.63 7.125000% 1,565,655.54 340,878.28 1,906,533.82 0.00 0.00
2518 A-4 15,947,520.75 10.000000% 434,904.29 132,896.01 567,800.29 0.00 0.00
2519 A-5 47,469,943.67 9.000000% 1,118,925.14 356,024.58 1,474,949.72 0.00 0.00
2520 A-6 16,873,334.00 7.125000% 0.00 100,185.42 100,185.42 0.00 0.00
2521 A-7 17,014,000.00 7.125000% 0.00 101,020.63 101,020.63 0.00 0.00
2522 A-8 10,663,334.00 7.125000% 0.00 63,313.55 63,313.55 0.00 0.00
2523 A-9 15,022,000.00 7.750000% 0.00 97,017.08 97,017.08 0.00 0.00
2524 A-10 13,235,000.00 7.500000% 0.00 82,718.75 82,718.75 0.00 0.00
2525 A-11 2,000,000.00 7.750000% 0.00 12,916.67 12,916.67 0.00 0.00
2526 A-12 2,167,334.00 7.500000% 0.00 13,545.84 13,545.84 0.00 0.00
2551 A-13 32,886,000.00 7.750000% 0.00 212,388.75 212,388.75 0.00 0.00
2552 A-14 14,555,000.00 7.750000% 0.00 94,001.04 94,001.04 0.00 0.00
2553 A-15 3,949,218.53 7.750000% 32,374.21 25,505.37 57,879.58 0.00 0.00
2554 A-16 5,245,000.00 7.750000% 0.00 33,873.96 33,873.96 0.00 0.00
2555 A-17 5,012,781.47 7.750000% 0.00 0.00 0.00 0.00 0.00
2556 A-18 37,500,000.00 7.750000% 0.00 242,187.50 242,187.50 0.00 0.00
2527 PO 601,396.80 0.000000% 16,299.02 n/a 16,299.02 0.00 n/a
2528 X 332,536,475.53 0.714448% n/a 197,983.28 197,983.28 n/a 0.00
Residual 2529 A-R 0.00 7.750000% 0.00 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
Subordinate 2530 B-1 14,516,039.92 7.750000% 9,007.68 93,749.42 102,757.10 0.00 0.00
2531 B-2 5,491,747.23 7.750000% 3,407.81 35,467.53 38,875.34 0.00 0.00
2532 B-3 3,531,548.42 7.750000% 2,191.44 22,807.92 24,999.36 0.00 0.00
2533 B-4 1,961,195.86 7.750000% 1,216.99 12,666.06 13,883.04 0.00 0.00
2534 B-5 981,096.45 7.750000% 608.80 6,336.25 6,945.05 0.00 0.00
2535 B-6 1,961,961.83 7.750000% 1,217.46 12,671.00 13,888.47 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
Totals -- -- 370,224,823.92 -- 5,423,658.66 2,552,760.36 7,976,419.01 -- --
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------
Ending Cert./ Unpaid
Type Class Code Name Notional Bal. Interest
- --------------------------------------------------------
Senior 2515 A-1 18,103,775.07 0.00
2516 A-2 23,886,667.00 0.00
2517 A-3 55,845,423.09 0.00
2518 A-4 15,512,616.46 0.00
2519 A-5 46,351,018.54 0.00
2520 A-6 16,873,334.00 0.00
2521 A-7 17,014,000.00 0.00
2522 A-8 10,663,334.00 0.00
2523 A-9 15,022,000.00 0.00
2524 A-10 13,235,000.00 0.00
2525 A-11 2,000,000.00 0.00
2526 A-12 2,167,334.00 0.00
2551 A-13 32,886,000.00 0.00
2552 A-14 14,555,000.00 0.00
2553 A-15 3,916,844.31 0.00
2554 A-16 5,245,000.00 0.00
2555 A-17 5,045,155.69 0.00
2556 A-18 37,500,000.00 0.00
2527 PO 585,097.78 0.00
2528 X 327,699,251.96 0.00
Residual 2529 A-R 0.00 0.00
- --------------------------------------------------------
Subordinate 2530 B-1 14,507,032.25 0.00
2531 B-2 5,488,339.42 0.00
2532 B-3 3,529,356.98 0.00
2533 B-4 1,959,978.87 0.00
2534 B-5 980,487.65 0.00
2535 B-6 1,960,744.37 0.00
- --------------------------------------------------------
- --------------------------------------------------------
Totals -- -- 364,833,539.48
- --------------------------------------------------------
<PAGE>
Payment Date: 11/25/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-E
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-5
-------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
Factors per $1,000
- --------------------------------------------------------------------------------------------------------------------
Beginning Pass Thru CUSIP Principal Interest Ending Cert./
Type Class Code Name Cert. Bal.(Face) Rate Numbers Dist. Dist. Notional Bal.
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Senior 2515 A-1 30,008,000.00 7.125000% 1266912M5 74.575123 4.024873 603.298289
2516 A-2 23,886,667.00 7.125000% 1266912N3 0.000000 5.937500 1,000.000000
2517 A-3 64,173,914.00 7.125000% 1266912P8 24.397071 5.311789 870.219995
2518 A-4 17,826,086.00 10.000000% 1266912Q6 24.397071 7.455142 870.219995
2519 A-5 52,303,131.00 9.000000% 1266912R4 21.393081 6.806946 886.199691
2520 A-6 16,873,334.00 7.125000% 1266912S2 0.000000 5.937500 1,000.000000
2521 A-7 17,014,000.00 7.125000% 1266912T0 0.000000 5.937500 1,000.000000
2522 A-8 10,663,334.00 7.125000% 1266912U7 0.000000 5.937500 1,000.000000
2523 A-9 15,022,000.00 7.750000% 1266912V5 0.000000 6.458333 1,000.000000
2524 A-10 13,235,000.00 7.500000% 1266912W3 0.000000 6.250000 1,000.000000
2525 A-11 2,000,000.00 7.750000% 1266912X1 0.000000 6.458333 1,000.000000
2526 A-12 2,167,334.00 7.500000% 1266912Y9 0.000000 6.250000 1,000.000000
2551 A-13 32,886,000.00 7.750000% 1266912Z6 0.000000 6.458333 1,000.000000
2552 A-14 14,555,000.00 7.750000% 1266913A0 0.000000 6.458333 1,000.000000
2553 A-15 4,108,000.00 7.750000% 1266913B8 7.880773 6.208707 953.467457
2554 A-16 5,245,000.00 7.750000% 1266913C6 0.000000 6.458333 1,000.000000
2555 A-17 4,854,000.00 7.750000% 1266913D4 0.000000 0.000000 1,039.381065
2556 A-18 37,500,000.00 7.750000% 1266913E2 0.000000 6.458333 1,000.000000
2527 PO 636,731.94 0.000000% 1266913F9 25.597935 0.000000 918.907539
2528 X 351,346,845.00 0.714448% 1266913G7 0.000000 0.563498 932.694449
Residual 2529 A-R 100.00 7.750000% 1266913H5 0.000000 0.000000 0.000000
- --------------------------------------------------------------------------------------------------------------------
Subordinate 2530 B-1 14,559,000.00 7.750000% 1266913J1 0.618702 6.439276 996.430541
2531 B-2 5,508,000.00 7.750000% 1266913K8 0.618702 6.439276 996.430541
2532 B-3 3,542,000.00 7.750000% 1266913L6 0.618702 6.439276 996.430541
2533 B-4 1,967,000.00 7.750000% 1266913Q5 0.618702 6.439276 996.430541
2534 B-5 984,000.00 7.750000% 1266913R3 0.618702 6.439276 996.430541
2535 B-6 1,967,768.24 7.750000% 1266913S1 0.618702 6.439276 996.430541
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
Totals -- -- 393,485,400.18 -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Payment Date: 11/25/97
-------------------------------------------------
INDEPENDENT NATIONAL MORTGAGE CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-E
RESIDENTIAL ASSET SECURITIZATION TRUST 1997 A-5
-------------------------------------------------
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Total
-----
Aggregate stated principal balance 370,224,823.92 370,224,823.92
Aggregate Loan count 2,683 2,683
Weighted average loan rate 8.379129% 8.379129%
Aggregate prepayment amount 5,161,470.99 5,161,470.99
- --------------------------------------------------------------------------------
FEES AND ADVANCES
- --------------------------------------------------------------------------------
Total
-----
Monthly master servicing fees 38,565.09 38,565.09
Monthly sub servicer fees 77,238.44 77,238.44
Monthly trustee feees 2,776.68 2,776.68
Aggregate advances 58,243.22 58,243.22
Advances this Period 40,937.88 40,937.88
- --------------------------------------------------------------------------------
LOSSES & INSURANCE COVERAGES
- --------------------------------------------------------------------------------
Total
-----
Net realized losses (this period) 0.00 0.00
Cumulative losses (from Cut-Off) 0.00 0.00
Coverage Amounts Total
- ---------------- -----
Bankruptcy 100,000.00 100,000.00
Fraud 7,869,708.00 7,869,708.00
Special Hazard 1,997,756.00 1,997,756.00
Aggregate Certificate Information
---------------------------------------------------------------------
Class Aggregate Aggregate Aggregate
Type Percentages Prepay Pct. End Cert. Bal.
---------------------------------------------------------------------
Senior 92.304711% 100.000000% 336,407,599.94
---------------------------------------------------------------------
Subordinate 7.695289% 0.000000% 28,425,939.54
---------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Ending Stated Balance
- ------ ---------- ---------------------
30 to 59 days 19 3,247,323.70
60 to 90 days 4 1,488,368.81
91 or more 4 307,332.52
Forclosure 4 732,335.14
Totals: 31 5,775,360.17
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
REO Date Loan Number Ending Stated Balalnce Book Value
-------- ----------- ---------------------- ----------
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
n/a 0 0.00 n/a
Totals: 0.00 0.00
Current Total Outstanding Balance: 0.00
Current Total Outstanding Number of Loans: 0
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
Amount/Withdrawl Total/Ending Bal.
---------------- -----------------
Available remittance amount 7,976,419.01 7,976,419.01
Principal remittance amount 5,391,284.44 5,391,284.44
Interest remittance amount 2,585,134.57 2,585,134.57
Transfer Balance 0.00 0.00
